Reuters reported that BNP Paribas is working with advisers to assess a sale of its U.S. arm Bank of the West as it seeks to retreat from the American retail banking market after struggling to compete with larger and better capitalized rivals, three sources with knowledge of the matter told Reuters.
According to the report, JPMorgan and Goldman Sachs are preparing the business for a sale and have been working closely with BNP to gauge interest from prospective bidders, the sources said. Discussions are still at an early stage and no deal is certain.
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